Time to Sell Atac Resources Ltd. After Today’s Gap Down?

 Time to Sell Atac Resources Ltd. After Today's Gap Down?

The stock of Atac Resources Ltd. (CVE:ATC) gapped down by $0.005 today and has $0.34 target or 10.00% below today’s $0.38 share price. The 5 months technical chart setup indicates high risk for the $42.77M company. The gap down was reported on Nov, 18 by Barchart.com. If the $0.34 price target is reached, the company will be worth $4.28M less.
Gaps down are helpful for identifying a resistance level and to could also be used as a tradeable event. If traders are short the stock and it experiece gap down, then its usually advisable to hold the short for a bigger down move. Back-tests of such patterns show that two-thirds of the these patterns the stock performance worsens after the gap. The area gaps close 91% of the time, the breakaway gaps 1%, the continuation gaps 9% and the exhaustion gaps 64%. About 162,820 shares traded hands. Atac Resources Ltd. (CVE:ATC) has risen 6.00% since October 19, 2016 and is uptrending. It has outperformed by 1.57% the S&P500.

More notable recent Atac Resources Ltd. (CVE:ATC) news were published by: Marketwired.com which released: “ATAC Resources Ltd. Intersects 61.29 m of 2.75 g/t Gold at Orion — Rackla …” on September 12, 2016, also Marketwired.com with their article: “ATAC Resources Ltd. Begins Phase II Diamond Drilling Program at Its Orion Gold …” published on August 22, 2016, Marketwired.com published: “ATAC Resources Ltd. Completes $3250000 Financing” on April 22, 2016. More interesting news about Atac Resources Ltd. (CVE:ATC) were released by: Finance.Yahoo.com and their article: “ATAC Resources Ltd. Announces High Metallurgical Recoveries and Diamond Drill …” published on November 07, 2016 as well as Marketwired.com‘s news article titled: “ATAC Resources Ltd. Sells 50% Interest in the Dawson Gold Joint Venture to …” with publication date: August 02, 2016.

ATAC Resources Ltd. is an exploration-stage company. The company has a market cap of $42.77 million. The Firm is engaged in the business of exploring for metals and minerals, primarily gold. It currently has negative earnings. The Firm is involved in the exploration and development of its Rackla Gold project, which is located in the Mayo Mining District of central Yukon.

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